St. Eugene Mining Corporation Ltd.
TSX VENTURE : SEM

St. Eugene Mining Corporation Ltd.

February 14, 2011 09:39 ET

Exploration Drilling Resumes at Amisk Gold Project

TORONTO, ONTARIO--(Marketwire - Feb. 14, 2011) -

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

St. Eugene Mining Corporation Limited (TSX VENTURE:SEM) ("St. Eugene" or the "Company") announces the commencement of a 3,500 meter (13 holes) drilling program at the Company's Amisk Gold Project, a joint venture with Claude Resources Inc. (TSX:CRJ). The drill program is being supervised by Claude Resources as operator, and will focus on expanding and defining the gold silver mineralization identified by recent drilling and sampling programs.

Results from the Amisk Gold Project include:

  • 241.0 metres averaging 2.16 g/t gold and 18.9 g/t silver (December 16, 2010); and
  • 161.8 metres averaging 1.29 g/t gold and 7.9 g/t silver (June 3, 2010).

Ms. Jennifer Boyle, President and CEO notes: "Drilling and extensive sampling of the historical core has identified a significant footprint of gold and silver mineralization that could potentially be exploited by an open pit mine. This exploration program will test the continuity of the mineralization to the 500 metre level and beyond. The Company has sufficient capital in place to complete the exploration program as planned, including an expanded program if warranted."

An initial 43-101 resource estimate has been commissioned by the joint venture. The estimate, to be completed by SRK Consulting, is expected to be completed during the first quarter of 2011.

St. Eugene holds a 35% participating interest in the Amisk Gold Project and Claude Resources holds a 65% interest.

Dr. Tania Ilieva, P.Geo., is the Qualified Person who has reviewed and approved the contents of this news release for and on behalf of St. Eugene. Brian Skanderbeg, P.Geo. and M.Sc., Claude's Vice-President Exploration, is the Qualified Person who has reviewed and approved the contents of this news release for and on behalf of Claude.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release of St. Eugene contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause St. Eugene's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this document include statements regarding St. Eugene's expectations regarding ownership, entitlements, drilling and exploration activities on properties in which St. Eugene has, or believes it has an interest. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from St. Eugene's expectations. St. Eugene undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, unless otherwise required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • St. Eugene Mining Corporation Ltd.
    Jennifer L. Boyle, B.A., LL.B.
    Chief Executive Officer
    (647) 430-0966 (work) or 416-904-2714 (cell)
    jennifer@capexgroupinc.com